The Worst Seat on Wall Street

By

David Reilly

December 16, 2011

There's one place on Wall Street you don't want to be at the moment: in a business that is a capital hog under new Basel III rules.

Banks and brokers are cutting expenses and staff as financial-market upheaval continues. Morgan Stanley became the latest example, saying Thursday it will cut about 1,600 jobs, or 2.6% of total head count.

The investment house won't be cutting from its ranks of 17,000-plus financial advisers....